Budget 2009: Improvements to Business Payment Support Scheme

The Budget also brought an announcement of an improvement to the Business Payment Support Scheme (BPSS).

The Scheme will remain in place for the foreseeable future, and those needing more time to pay their business tax liabilities will now be able to bring additional information into the negotiations. Strictly, credit cannot be taken for trading losses until they have been “determined”. This means that losses do not count for relief until the accounting period which produces the loss has come to an end.